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Entries in Foreclosure (8)

Wednesday
Aug062014

Maine's Greenleaf Decision Creates Mortgage “Insecurity” for MERS

In a decision sure to cast doubt on the validity of numerous mortgages throughout the State, Maine’s highest court invalidated the foreclosure of a mortgage held by MERS. In Bank of America v. Greenleaf, the Maine Law Court held that MERS, a Delaware corporation that acts as nominee for mortgagees around the country, did not have sufficient ownership interest in the mortgage to assign the right to foreclose. 2014 ME 89. A bank that attempts to foreclose on a mortgage received through assignment from MERS, therefore, may lack standing and have no right to foreclose on the mortgage.

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Thursday
Jul102014

Financial Institutions...In the News

  • Many borrowers suspicious of Home Affordable Refinance Program (HARP).  (Portland Press Herald 7.8.14)
  • Maine in top 5 of states with highest foreclosure inventory.  (Market Watch 7.8.14)
  • NBT plans to open branch in Portland, Maine. (Bangor Daily News 7.2.14) 
  • Many states have job levels at pre-recession levels even though the nation has regained all 9 million jobs.  (Portland Press Herald 7.2.14)
  • William J. Ryan to become board chair of Berkshire Hills Bancorp (Portland Press Herald 7.1.14)
  • Maine home sales increase 7.3% while sales prices decrease 4.8%.  (Portland Press Herald 6.25.14)
  • SunTrust Mortgage settles robo-signing dispute. 185 Mainers helped, according to Attorney General Janet Mills.  (Bangor Daily News 6.19.14) 
  • The FBI, several foreign governments and security firms break up sophisticated financial crime ring.  (Portland Press Herald 6.4.14)
Wednesday
Nov282012

Maine Banks...In The News

  • Bar Harbor Bank & Trust CEO to retire in June 2013 (BDN, 11/27)
  • PATCO Construction and People’s United Bank settle case related to 2009 ACH theft (Computer World.com, 11/27)
  • Maine homes facing foreclosure contribute to worsening housing stock in some neighborhoods (Portland Press Herald, 11/18)
  • Maine Foreclosure Diversion Program to implement new conflict of interest rules for mediators (LoanSafe.org, 11/16)
Tuesday
Jan242012

Foreclosure Scandal: Five Largest Mortgage Lenders Propose Settlement with States

On the eve of President Obama’s State of the Union address, five of the country’s largest mortgage lenders have proposed a settlement to end pending litigation over potentially illegal foreclosure practices – including flawed or fraudulent filings or paperwork.

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Tuesday
Nov292011

Maine financial institutions, in the news . . . 

  • Skowhegan Area High School welcomes Skowhegan Savings Bank branch.
  • FAME names Camden National Bank as “Financial Institution of the Year.”
  • Seth Sherwood named Small Business Relationship Manager for TD Bank’s Central Maine Region.
  • Bar Harbor Bankshares promotes three senior executives.
  • JP Morgan Chase settles wrongful foreclosure with Effingham, NH couple.
  • Federal regulators announce review of foreclosures.  NPR interview with Maine Attorney Tom Cox.